Financial Asset Allocation and Fertility Intention: Evidence from Chinese Families Using CFPS Data

China faces a structural-demographic crisis characterized by low fertility rates, an aging population, and ecological imbalances. Despite policy interventions, fertility intentions remain a concern. This study explores the complex relationship between household financial asset allocation and fertility intentions using CFPS data. The findings reveal a significant negative association between investing in financial products, total financial assets, and fertility intentions. Urban-rural disparities, gender differences, and educational gradients further shape this relationship. Mechanism analysis suggests that while financial assets boost income, they also influence households towards smaller family sizes, reflecting changing societal values.